Outcomes of the September 2019 Auction
By the numbers:
69 properties were fully auctioned off
20 properties did not sell or had winning bids rescinded.*
$142,000 = highest price paid for a property in the auction.
$2,377,000 = total value of all winning bids.
$31,000 = median value of a winning bid.
* Some bidders had buyer's remorse and defaulted on their option to purchase. The City has contacted runner-up bidders to offer them the property at the price they bid. If these bidders do not want the property, the property may be included in the next auction at the city's discretion. In order to discourage non-serious bidders in future auctions, the City may make the 10% deposit due upon the close of the auction non-refundable and/or increase the registration fee.
For complete results of the September 2019 auction, click here!
Property Profiles:
We have profiled two different properties from the auction:
Most valuable: 951 Pennsylvania Ave
Most wanted: 229 Rosemont Ave
Most valuable: 951 Pennsylvania Avenue
Selling for $142,000 (with an opening bid of $75,000), 951 Pennsylvania Ave was the most valuable property at auction.
This 48,000 sq ft industrial warehouse is a perfect business opportunity and easy access to major roadways.
Most wanted: 229 Rosemont Avenue
We have described this auctioned property on Rosemont Avenue as most wanted because it sold for 21 times more than its starting bid, proportionally more than any other property.
Built in 1920, this 1,376 sq ft tenant-occupied, two-story row home had a starting bid of $1000 and sold for $22,000 to James & Lisa Hines of Philadelphia.
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